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Direct and Indirect Investment for International Diversification

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Past Per<strong>for</strong>mance – Alternative <strong>for</strong>ms of Real Estate<br />

100.00%<br />

80.00%<br />

60.00%<br />

40.00%<br />

20.00%<br />

0.00%<br />

-20.00%<br />

1990<br />

1991<br />

1992<br />

1993<br />

1994<br />

1995<br />

1996<br />

1997<br />

1998<br />

1999<br />

2000<br />

2001<br />

2002<br />

2003<br />

2004<br />

2005<br />

-40.00%<br />

Balanced Funds Index FTSE Real Estate Index <strong>Direct</strong> Property IPD

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